Manchester United were overtaken among the wealthiest clubs in Europe, while FC Barcelona dropped out of the top three. Here are the top 10 clubs on football's rich list.
Tired of reading? Click through the gallery above to see football's 10 most valuable clubs, according to KPMG.
After three years of stability on the podium, Real Madrid leapfrogged United to the summit, while Bayern Munich climbed above Barcelona into third spot in KPMG's latest Football Benchmark study.
The report calculates the "enterprise value" of Europe’s top 32 clubs, based on profitability, broadcasting rights, popularity, sporting potential and stadium value.
It analysed the results of the 2016/17 and 2017/18 seasons and found that Real's on-field success, with three successive UEFA Champions League titles, led to an increase in revenue of 41% over three years.
Los Blancos now lead the KPMG ranking with an enterprise value of €3.22 billion, while United dropped from €3.25 billion to €3.2 billion in comparison to last year's report.
Bayern Munich's increase in value of around 25% over three years saw them climb above Barcelona, with the German giants now being valued at €2.7 billion and the Blaugrana at €2.68 billion.
Manchester City are one of five Premier League sides who follow after the four most valued clubs, before Juventus completes the top 10 – you can see the full ranking in our gallery above!
Do you think United's failure to qualify for next season's Champions League could see them drop out of the three most valuable clubs? Have your say in the comments section below.